Elon Musk’s wealth shrank by $16 billion due to one reason

People are not being very sympathetic to the billionaire.

Published on Oct 20, 2023 at 3:45PM (UTC+4)

Last updated on Oct 20, 2023 at 7:31PM (UTC+4)

Edited by Kate Bain
Elon Musks wealth shrank by $16 billion due to one reason
Tesla / Wikimedia Commons

Elon Musk’s position as the richest man in the world might be in jeopardy.

Most of Musk’s wealth comes from his company Tesla, which he owns 13% of.

But for the first time in the company’s history, it hasn’t met its targets.

And Musk’s personal fortune has taken a hit.

READ MORE: Elon Musk makes bold prediction about the Cybertruck after delivery date announced

On Thursday, Tesla revealed its sales report for the third quarter.

Musk has recently employed a new strategy which has not resulted in the increase in sales that he hoped for.

He’s been drastically reducing the prices of Tesla vehicles in a bid to boost sales.

But this move hasn’t been enough and Tesla’s stock price has dipped by 9.3%.

As a result, so has Musk’s bank balance.

The company delivered 435,059 vehicles this quarter.

And because of the price cuts, its profit margins hit a record low.

But with just a few months left of 2023, Musk reckons he has a secret weapon that will turn his year around: the Cybertruck.

He has declared that Tesla will put 1.8 million customers into new vehicles by the end of the year, a significant proportion of whom will be Cybertruck drivers.

Tesla will be making the first truck deliveries at the end of November.

And with nearly 2 million pre-orders placed and a huge amount of hype generated, it’s totally possible that the Cybertruck will get Tesla’s earnings back on track.

Musk is the richest person in the world, with a net worth of $231 billion dollars according to Forbes.

After Tesla’s dip in the stock market, he is $16 billion poorer.

That’s nearly 7% of his wealth.

X users were less than sympathetic when hearing the news.

“In identical news, I just dropped a penny and it rolled into the gutter,” one commenter said.

“So no vacation on Mars this weekend?” another said.

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